Interim report
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WE PURIFY AND PROTECT WITH EVERY FIBER FOR A SUSTAINABLE WORLD AHLSTROM FINANCIAL REPORT January-September 2026 Ahlstrom’s electrotechnical insulation papers are used in a wide range of electrical applications, from transformer and bushings to high-voltage cables and more This image is partially modified by AI
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Q3/2026: Continued profitable growth, supported by strong execution and sustained high margins HIGHLIGHTS – Sales increased, leveraging strong opportunity pipeline – Comparable EBITDA increased to EUR 142 million, sustaining the Q2 level, with a stable 18.8% margin – MoVC per ton increased further to EUR 1,150 (1,092), up 5%, reflecting continued pricing discipline, procurement excellence and improved mix – Profitability continued to benefit from disciplined execution of strategic improvement initiatives, procurement and operational excellence – Strategic improvement initiatives include the footprint optimization in the US and UK announced February 2026, being on track and delivering savings in the quarter and beyond – Comparable EBITDA of Core1) divisions up 10% – Continued strong cash flow generation and enhanced liquidity – USD Term Loan refinanced early July providing financial flexibility KEY FIGURES Q3/2026 COMPARED WITH Q3/2025 – Net sales up 2% to EUR 758 million (743), adjusted for business portfolio changes the net sales are up 4%, leveraging our growing innovation-led opportunity pipeline – Margin on variable costs amounted to EUR 1,150 (1,092) per ton, up 5%, setting a new record level – Comparable EBITDA increased by 2% to EUR 142 million (140), at a stable 18.8% (18.8%) margin of net sales. Underlying comparable EBITDA grew by 10% as comparable EBITDA in Q3/2025 was higher due to a release of accruals – Profitability in the Core divisions continued to strengthen, with comparable EBITDA margin improving to 21.1% (19.8%), Performance Materials Cluster improved to 8.4% (5.1%) – Reported EBITDA increased to EUR 134 million (124), reflecting higher comparable EBITDA and lower items affecting comparability of EUR -6 million (-14) – Operating cash flow improved to EUR 50 million (42) Q1-Q3/2026 compared with Q1-Q3/2025 – The year-to-date trajectory shows profitable growth, supported by strong execution, and sustained high margins, benefiting from successful integration of acquisitions – Net sales increased to EUR 2,282 million (2,227), reflecting growth momentum across the business, in a volatile market environment – Comparable EBITDA increased by 9% to EUR 403 million (370), showing improved profitability resulting in a 1.1 percentage point higher margin of net sales of 17.7% (16.6%) – Reported EBITDA slightly decreased to EUR 325 million (331) due to higher items affecting comparability of EUR -74 million (-34) for the strategic improvement initiatives announced in Q1 offsetting increased profitability – Operating result was higher at EUR 152 million (131) mainly as a result of lower impairments INDEBTEDNESS Q3/2026 COMPARED WITH Q2/2026 – Net debt was stable at EUR 2,644 million (2,641) – Ratio of net indebtedness to pro forma adjusted EBITDA2 ratio unchanged at 4.4 (4.4) 1 Core divisions include Filtration & Life Sciences, Food & Consumer Packaging and Protective Materials 2 For more information on pro forma adjusted EBITDA see page 8 Q3/2026 SALES INCREASED BY 4% (adjusted for portfolio changes) COMPARABLE EBITDA margin 18.8% STRONG OPERATING CASH FLOW 2 INTERIM REPORT JANUARY-SEPTEMBER 2026
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KEY FIGURES Key figures Q3 Q3 Q2 Q1-Q3 Q1-Q3 Q1-Q4 EUR million, or as indicated 2026 2025 2026 2026 2025 2025 Net sales 757.7 743.1 786.3 2,281.5 2,227.3 2,930.3 Comparable EBITDA 142.2 139.6 142.1 403.1 369.8 473.0 Comparable EBITDA margin, % 18.8 18.8 18.1 17.7 16.6 16.1 EBITDA 1 134.0 123.9 128.3 324.5 330.6 402.1 EBITDA margin, % 1 17.7 16.7 16.3 14.2 14.8 13.7 Comparable operating result 92.0 87.7 92.2 253.8 225.6 276.8 Comparable operating result margin, % 12.1 11.8 11.7 11.1 10.1 9.4 Margin on variable costs (MoVC) per ton, EUR 1,150.0 1,091.5 1,145.4 1,119.9 1,110.9 1,096.9 MoVC margin, % 45.2 44.0 45.5 44.9 43.5 43.5 Operating working capital 378.2 360.4 385.8 378.2 360.4 335.4 Capital expenditure 40.0 50.0 29.0 104.0 113.7 172.4 Net senior secured indebtedness 2,458.2 2,318.4 2,463.3 2,458.2 2,318.4 2,419.6 Net indebtedness 2,644.3 2,525.5 2,640.7 2,644.3 2,525.5 2,607.5 Ratio of Net senior secured indebtedness to adj. EBITDA 4.1 4.0 4.1 4.1 4.0 4.0 Ratio of Net indebtedness to adjusted EBITDA 4.4 4.3 4.4 4.4 4.3 4.3 1 In Q1 2026, one-time items affecting comparability were EUR -54.9 million including the announced closure of the pulp mill and two paper machines in Mosinee, as well as the closure of the Radcliffe site. Key figures Q3 Q2 Q4 EUR million, or as indicated 2026 2026 2025 Pro forma adjusted EBITDA (LTM) 1 597.8 599.6 600.7 Pro forma adjusted EBITDA margin (LTM), % 1 20.1 20.3 20.0 Interest expenses (LTM) -209.6 -209.2 -193.5 1 The pro forma adjusted EBITDA (LTM) and net sales used for calculating the pro forma adjusted EBITDA margin (LTM) include the unaudited comparable EBITDA of Stevens Point and EBF for the period prior to the acquisition and excluding the unaudited comparable EBITDA of the divested Abrasives business prior to the divestment. Ahlstrom has adopted the European Securities and Markets Authority (ESMA) guidelines on Alternative Performance Measures (APMs) to reflect the underlying business performance and improve comparability. These measures should, however, not be considered as a substitute for measures of performance in accordance with IFRS. Alternative performance measures are derived from performance measures reported in accordance with IFRS by adding or deducting items affecting comparability (IAC) and they are called “comparable” or adding adjustments and they are called “adjusted”. More details on APMs and key figures are available in the appendix 2. Reported, IFRS based numbers are available in appendix 1. 3 INTERIM REPORT JANUARY-SEPTEMBER 2026
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CEO COMMENTS I am proud of Ahlstrom’s strong third-quarter performance. We delivered profitable growth, sustained strong margins and continued strong cash generation. Net sales of our current business portfolio increased by 4.2% to EUR 758 million, supported by the execution of our innovation-led opportunity pipeline. Comparable EBITDA increased to EUR 142 million, with the margin remaining strong at 18.8%. Margin on variable costs reached a new record EUR 1,150 per ton. Our year-to-date performance demonstrates the resilience of our portfolio and the progress we are making in the current volatile environment. Net sales increased by 2.4% to EUR 2,282 million, while comparable EBITDA grew by 9.0% to EUR 403 million. Our comparable EBITDA margin increased by 1.1 percentage points to 17.7% and we translated our stronger profitability into improved cash generation. CONTINUED DISCIPLINED EXECUTION OF OUR STRATEGY These results demonstrate Ahlstrom’s strong underlying earnings power and the disciplined execution of our strategy. Earlier this year, we announced the decision to optimize our manufacturing footprint, including closing the Radcliffe facility in the UK and rightsizing the Mosinee site in the United States. Now completed, these actions are positively contributing to our second half year results. At the same time, our innovation pipeline remains strong, generating new commercial opportunities and supporting organic growth. We are also accelerating the adoption of AI across Ahlstrom, investing in both technology and employee capabilities. By applying AI to areas such as R&D, product recipes, manufacturing and maintenance, we are creating new opportunities to improve productivity, accelerate innovation and strengthen our competitiveness. GLOBAL FOOTPRINT, LOCAL RELIABILITY Our global footprint and local-for-local operating model continues to prove its strength in this dynamic environment. We experienced higher energy costs in the quarter, mainly in Europe; however, hedging, indexed contracts and surcharge actions limited the impact. LOOKING AHEAD As we enter the final quarter, we do so from a position of strength and with a clear focus on what we can control. We remain committed to converting opportunities into profitable growth, strengthening operational performance and being a reliable partner for our customers around the world. I would like to thank our employees for their dedication, our customers for their continued trust and our partners for their collaboration as we advance our purpose: to purify and protect, with every fiber, for a more sustainable world. Helen Mets, President & CEO: “Ahlstrom continued profitable growth, supported by strong execution and sustained high margins” 4 INTERIM REPORT JANUARY-SEPTEMBER 2026 This image is partially modified by AI
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FINANCIAL PERFORMANCE Net sales by segment Q3 Q3 Q2 Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2026 2026 2025 2025 Filtration & Life Sciences 195.9 191.1 209.6 600.9 588.9 775.5 Protective Materials 189.6 190.4 205.7 585.8 613.2 800.1 Food & Consumer Packaging 242.8 228.2 241.7 718.0 590.8 807.2 Performance Materials Cluster 143.5 145.3 145.6 423.1 476.2 604.7 Other and eliminations -14.1 -11.9 -16.3 -46.3 -41.8 -57.1 Total 757.7 743.1 786.3 2,281.5 2,227.3 2,930.3 Comparable EBITDA by segment Q3 Q3 Q2 Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2026 2026 2025 2025 Filtration & Life Sciences 47.1 47.6 54.3 148.6 136.9 181.9 Protective Materials 36.2 30.2 33.8 98.1 94.7 122.5 Food & Consumer Packaging 49.4 42.6 46.9 138.6 103.7 143.2 Performance Materials Cluster 12.1 7.4 8.7 26.0 22.7 25.8 Other and eliminations -2.6 11.8 -1.7 -8.3 11.7 -0.4 Total 142.2 139.6 142.1 403.1 369.8 473.0 Comparable EBITDA margin by segment Q3 Q3 Q2 Q1-Q3 Q1-Q3 Q1-Q4 % 2026 2025 2026 2026 2025 2025 Filtration & Life Sciences 24.0 24.9 25.9 24.7 23.3 23.5 Protective Materials 19.1 15.9 16.4 16.8 15.4 15.3 Food & Consumer Packaging 20.3 18.7 19.4 19.3 17.6 17.7 Performance Materials Cluster 8.4 5.1 6.0 6.2 4.8 4.3 Total 18.8 18.8 18.1 17.7 16.6 16.1 5 INTERIM REPORT JANUARY-SEPTEMBER 2026
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FINANCIAL RESULT JULY-SEPTEMBER 2026 Market environment The market environment remained mixed, while Ahlstrom continued to demonstrate resilience across its portfolio. Filtration & Life Sciences saw demand for US filtration remain subdued, while Europe and Asia were stable and Lab & Life Sciences continued to perform strongly. Food & Consumer Packaging showed strong volume growth and commercial momentum, particularly in the US; Europe remained softer but with a healthy pipeline. Protective Materials’ higher profitability reflects improved productivity and a favorable mix, while the building and construction market remained muted. Performance Materials Cluster showed significantly higher like-for-like*) sales. Improved productivity and disciplined cost management drove a substantial improvement in profitability. In general energy costs rose particularly in key European markets, the impact is limited, being managed through hedging, pricing and surcharges, with a normal timing lag. Comparison with July–September 2025 Net sales grew 2.0% to EUR 757.7 million (743.1), primarily driven by a strong performance of our Food & Consumer Packaging business. Adjusted for business portfolio changes, net sales increased by 4.2%. Core divisions’ net sales grew by 3.1%. Margin on variable cost (MoVC) per ton set another record increasing to EUR 1,150.0 (1,091.5), consistently driven by disciplined pricing, improved mix and procurement excellence. Comparable EBITDA increased to EUR 142.2 million (139.6), representing 18.8% of net sales (18.8%), showing strongly improved profitability for Food & Consumer Packaging, Protective Materials and the Performance Materials Cluster, with Filtration & Life Sciences remaining on a high level. Comparable EBITDA in Q3/2025 was incidentally higher due to a release of accruals. Comparable EBITDA for the Core divisions increased 10.1% to EUR 132.7 million (120.4), representing 21.1% of net sales (19.8%), driven by both Food & Consumer Packaging and Protective Materials, with Filtration & Life Sciences remaining at a high level. Reported EBITDA increased to EUR 134.0 million (123.9) whilst items affecting comparability (IAC) were low totaling EUR -6.4 million (-14.0). Operating result was EUR 83.6 million (16.3). Depreciation, amortization and impairment decreased to EUR -50.3 million (-107.6) as in Q3/2025 we recognized a large impairment for the divestment of Abrasives. Net financial items were EUR -53.1 million (-51.7), including net interest expenses of EUR -53.1 million (-47.2). The result before taxes was EUR 30.6 million (-36.8). Taxes amounted to EUR -10.9 million (-17.9). The net result was EUR 19.7 million (-54.6). In Q3/2025, impairment losses of EUR 55.7 million were recognized in connection with the classification of the Abrasives business, divested on October 1, 2025, as held for sale. *) Not including Abrasives, divested October 1, 2025 MEUR Net sales 739 745 743 703 738 786 758 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 200 400 600 800 MEUR Comparable EBITDA and margin % 108 123 140 103 119 142 142 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0 20 40 60 80 100 120 140 0 4 8 12 16 20 24 6 INTERIM REPORT JANUARY-SEPTEMBER 2026
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Comparison with April–June 2026 Net sales amounted to EUR 757.7 million (786.3) a decline of 3.6% from Q2/2026 consistent with the typical seasonal slowdown during the summer period. For the Core divisions sales declined by 4.4%. Comparable EBITDA was steady at EUR 142.2 million (142.1), with profitability improving to 18.8% of net sales (18.1%), primarily driven by enhanced MoVC. Comparable EBITDA for the Core divisions was slightly lower at EUR 132.7 million (135.1), due to lower sales volumes, though relative profitability strengthened, with the margin advancing to 21.1% of net sales (20.6%). Last Twelve Months (LTM) On a Last Twelve Months basis, sales increased to EUR 2,984.6 million in Q3/2026 from EUR 2,970.0 million in Q2/2026. Comparable EBITDA was EUR 506.3 million (503.7), up 0.5% quarter-on-quarter, with a margin of 17.0%. Pro forma adjusted EBITDA LTM remained stable at EUR 597.8 million and 20.1% margin. For more information on pro forma adjusted EBITDA see page 8. Reconciliation of EBITDA and comparable EBITDA Q3 Q3 Q2 Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2026 2026 2025 2025 Operating result 83.6 16.3 78.4 152.5 130.6 149.5 Depreciation, amortization and impairment 1 -50.3 -107.6 -49.9 -172.1 -199.9 -252.6 EBITDA 134.0 123.9 128.3 324.5 330.6 402.1 Transaction costs 2 -2.9 -2.7 -1.0 -6.5 -12.0 -24.1 Transformation/integration costs -3.7 -1.5 -3.6 -9.5 -6.0 -11.7 Restructuring and other legal costs 3 2.0 -2.3 -4.1 -49.5 -6.0 -19.3 Other -1.8 -7.5 -3.4 -7.9 -10.4 -9.3 Total items affecting comparability (IAC) in EBITDA -6.4 -14.0 -12.2 -73.5 -34.4 -64.3 Management fee to owners 4 -1.8 -1.7 -1.6 -5.0 -4.8 -6.5 Total IAC in EBITDA and management fee -8.2 -15.7 -13.8 -78.5 -39.2 -70.9 Comparable EBITDA 142.2 139.6 142.1 403.1 369.8 473.0 1 In Q1 2026, impairment losses of EUR 22.6 million were recognized in connection with the announced closure of the pulp mill and two paper machines in Mosinee and the closure of Radcliffe site. In Q3 2025, an impairment loss of EUR 55.7 million was recognized in connection with the classification of the Abrasives business as held for sale prior to the disposal in Q4 2025. 2 In 2025, costs majorly relate to business acquisitions and disposals, refinancing activities, and costs associated with the redemption of non-controlling interests. 3In Q1 2026, restructuring and legal costs totaling EUR 47.4 million were recognized as items affecting comparability. A significant portion of these costs relates to the announced closure of the pulp mill and two paper machines in Mosinee, as well as the closure of the Radcliffe site. 4 Management fee paid to the consortium pursuant to a management agreement whereby Group has received general business consulting services; financial, managerial and operational advice, advisory and consulting services with respect to selection of advisors; advice in different fields; and financial and strategical planning and analysis. 7 INTERIM REPORT JANUARY-SEPTEMBER 2026
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Reconciliation of Comparable EBITDA (LTM) to adjusted EBITDA (LTM) Q3 Q2 Q4 EUR million 2026 2026 2025 Comparable EBITDA (LTM) 506.3 503.7 473.0 2025 initiatives 1 0.3 1.8 12.3 2026 initiatives 2 43.8 69.1 87.7 2027 initiatives 3 47.9 25.8 — Adjusted EBITDA (LTM) 598.2 600.4 573.0 Pre-acquisition and pre-disposal adjustment to unaudited comparable EBITDA of acquisitions and disposals 4 -0.4 -0.7 27.7 Pro forma adjusted EBITDA (LTM) 597.8 599.6 600.7 Adjusted EBITDA is not identified as an accounting measurement in IFRS and should therefore not be considered as alternative to the disclosures provided in the financial statement for the purpose of assessing the Group’s performance. Adjusted EBITDA is based on various assumptions, including successful implementation of certain initiatives and Sponsor estimates. It should not be considered as a substitute for revenue or net result for the period or any other performance or liquidity measures derived in accordance with IFRS or any other generally accepted accounting principles. 1 Consists of initiatives that have been implemented over the course of 2025. The savings from 2025 initiatives are estimated at EUR 0.3 million and are expected to be achieved within 12 months of implementation. The savings include: Indirect Spend (EUR 0.1 million), relating mainly to production cost optimization and administrative costs, Logistics (EUR 0.1 million), Packaging (EUR 0.1 million), as well as Chemicals (EUR 0.1 million). 2 Consists of initiatives that have been or will be implemented over the course of 2026. The amount of savings from 2026 initiatives is estimated to EUR 43.8 million and are expected to be achieved within 12 months from the date of implementation. Savings include Fibers (EUR 12.9 million), Indirect Spend (EUR 8.0 million), relating mainly to production cost optimization and administrative costs, Waste reduction initiatives (EUR 6.9 million), Continuous Improvement projects (EUR 4.4 million) linked to various initiatives driving improved performance, Chemicals (EUR 4.0 million), Footprint reduction (EUR 3.6 million), Logistics (EUR 1.9 million), Energy (EUR 1.2 million) relating to energy optimization and consumption, Packaging (EUR 0.6 million), as well as Wood (EUR 0.3 million). 3 Consists of initiatives to be implemented with EBITDA benefit not planned until 2027. The amount of savings from those initiatives is estimated at EUR 47.9 million. Savings include Fibers (EUR 21.3 million), Waste reduction initiatives (EUR 10.0 million), Indirect Spend (EUR 7.9 million), relating mainly to production cost optimization and administrative costs, Footprint reduction (EUR 4.6 million), Chemicals (EUR 2.1 million), Energy (EUR 0.7 million) relating to energy optimization and consumption, Continuous Improvement projects (EUR 0.5 million) linked to various initiatives driving improved performance, Wood (EUR 0.4 million), Packaging (EUR 0.2 million), as well as Logistics (EUR 0.1 million). 4 The pro forma adjusted EBITDA (LTM) and net sales used for calculating the pro forma adjusted EBITDA margin (LTM) include the unaudited comparable EBITDA of Stevens Point and EBF for the period prior to the acquisition and excluding the unaudited comparable EBITDA of the divested Abrasives business prior to the divestment. 8 INTERIM REPORT JANUARY-SEPTEMBER 2026
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FINANCIAL RESULT JANUARY–SEPTEMBER 2026 Comparison with January–September 2025 Over the first nine months of 2026 net sales amounted to EUR 2,281.5 million (2,227.3) 2.4% higher than the previous year with strong second and third quarter sales complementing the stable results delivered in the first quarter. Profitability improved, supported by continued disciplined execution of the strategic improvement initiatives, procurement and operational excellence and the successful integration of acquisitions. Comparable EBITDA increased 9.0% to EUR 403.1 million (369.8), representing 17.7% of net sales (16.6%). Reported EBITDA amounted to EUR 324.5 million (330.6) with the year-on-year decrease primarily reflecting significantly higher one-time items affecting comparability (IACs and management fees) EUR -78.5 million (-39.2), associated with the strategic improvement initiatives announced in February 2026. This was largely offset by stronger underlying operational performance. The execution of these improvement initiatives is expected to deliver a meaningful uplift to future EBITDA, as demonstrated by the pro forma adjusted EBITDA trajectory. Operating result was EUR 152.5 million (130.6). Depreciation, amortization and impairment amounted to EUR -172.1 million (-199.9) impacted by one-time impairments. Net financial items were EUR -167.1 million (-138.5). This figure includes net interest expenses of EUR -156.1 million (-122.1), reflecting the additional debt financing taken on in connection with the Stevens Point acquisition. The result before taxes was EUR -16.4 million (-8.6) as a result of IACs related to the strategic improvement initiatives announced in the first quarter. Taxes amounted to EUR -14.6 million (-30.0). The net result was EUR -31.1 million (-38.6). CASH FLOW AND FINANCING Cash flow and capital expenditure July–September 2026 In July–September 2026, net cash from operating activities increased to EUR 49.6 million (42.3) due to disciplined working capital management. Capital expenditure was lower at EUR -40.0 million (-50.0). Free cash flow improved to EUR 113.0 million (104.4), calculated as comparable EBITDA minus maintenance capital expenditure. Cash conversion increased to 79.5% (74.8%), calculated as free cash flow divided by comparable EBITDA. Cash flow and capital expenditure January–September 2026 In January–September 2026 net cash from operating activities increased to EUR 156.5 million (110.3) driven by the higher operative profitability. Capital expenditure totaled EUR -104.0 million (-113.7). Free cash flow improved to EUR 342.9 million (301.4), calculated as comparable EBITDA minus maintenance capital expenditure, and cash conversion increased to 85.1% (81.5%), calculated as free cash flow divided by comparable EBITDA. Financing January–September 2026 During the reporting period the principal sources of liquidity were cash generated from operating activities, cash and cash equivalents, and access to committed facilities. Cash flow from financing activities amounted to EUR -30.2 million (557.0) with the prior year figure reflecting the debt financing raised in connection with the Stevens Point acquisition. At the end of the review period, the total cash position was EUR 199.7 million (278.1, of which 29.1 related to cash classified as assets held for sale). Indebtedness September 2026 comparison with June 2026 At the end of the reporting period, net indebtedness was stable at EUR 2,644.3 million (2,640.7). The ratio of net indebtedness to pro forma adjusted EBITDA ratio remained unchanged at 4.4 (4.4). 9 INTERIM REPORT JANUARY-SEPTEMBER 2026
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STRATEGY Ahlstrom’s purpose is to Purify and Protect, with Every Fiber, for a Sustainable World guiding our vision to be the leading sustainable specialty materials company. Demand for our advanced materials is s u p p o r t e d b y f i v e l o n g ‑ t e r m s t r u c t u r a l t r e n d s : c l e a n a i r a n d w a t e r , p e r s o n a l i z e d h e a l t h c a r e , s u s t a i n a b l e packaging, electrification, and the decarbonization of buildings. We create value by combining disciplined strategy execution with targeted growth focused on these priority areas. At the beginning of 2026, we refined our strategy to sharpen focus and align the organization for disciplined execution. As a result, our strategy is now centered on three clear pillars: • Choosing Where To Play, • Differentiated Products and Sustainable-by-Design Innovation, and • Operational Powerhouse. This focused strategic framework strengthens portfolio management and resource allocation, supports the systematic expansion and conversion of our growth pipeline, and ensures safe, reliable, and highly productive operations. Together, these pillars provide a clear foundation for consistent execution and s u s t a i n a b l e l o n g ‑ t e r m v a l u e c r e a t i o n . Over the reporting period strategy execution is progressing well, with commercial and operational initiatives, footprint actions and the procurement excellence program (‘United’) increasingly supporting profitability. Innovation and new AI initiatives are strengthening the outlook for organic growth, productivity and performance, while portfolio focus, acquisition synergies and broader customer access continue to advance the company’s position in attractive specialty materials markets. PERSONNEL At the end of the reporting period, the Group employed 6,676 (7,156) people in full-time equivalents. Countries with the highest number of employees include the United States (41%), France (16%), Sweden (9%), Italy (9%), China (6%), Brazil (5%) and Finland including headquarters (4%). INNOVATION Innovation, including the use of Digital and AI solutions, enables Ahlstrom to improve its offering of products, technologies, and services to address sustainable functionality and design. To measure its performance, Ahlstrom tracks, among other things, the share of innovation sales, i.e., new products and product improvements as a percentage of the Group's net sales. The Innovation function works in close collaboration with the businesses to drive the innovation pipeline, supporting Ahlstrom’s leading position as the preferred specialty materials company. A p a r t i c u l a r f o c u s i s p l a c e d o n t h e I n n o v a t i o n P l a t f o r m s , w h i c h t a r g e t s t e p ‑ c h a n g e a n d b r e a k t h r o u g h i n n o v a t i o n s , s u c h a s p l a s t i c ‑ t o ‑ p a p e r c o n v e r s i o n s o l u t i o n s i n f l e x i b l e f o o d p a c k a g i n g . T h e s e p l a t f o r m s c o n t i n u e t o g a i n m o m e n t u m , e n a b l i n g t h e d e v e l o p m e n t o f s u s t a i n a b l e , h i g h ‑ v a l u e s o l u t i o n s t h a t s u p p o r t o u r c u s t o m e r s ’ t r a n s i t i o n s a n d l o n g ‑ t e r m g r o w t h . During the third quarter, we continued to strengthen our portfolio of sustainable specialty materials through innovations across our businesses. Key developments included our sustainable packaging proposition with the launch of Grease-Card® Plus and Grease-Card® Pro delivering tailored grease resistance and water protection for diverse quick service packaging and Cristal® and Cristalline® combining product visibility with paper strength, enabling versatile, recyclable alternatives to transparent films across diverse packaging applications. These innovations reflect our ongoing commitment to leveraging material science expertise to support global megatrends, enhance sustainability and deliver high-performance solutions that create value for customers. 10 INTERIM REPORT JANUARY-SEPTEMBER 2026
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EVENTS DURING JANUARY- SEPTEMBER 2026 COMPLETION OF ABSORPTION MERGER AND RENAMING On January 2, 2026, Ahlstrom Holding 1 Oy, Ahlstrom Holding 2 Oy and Ahlstrom Oyj were merged into Ahlstrom Holding 3 through absorption mergers and Ahlstrom Holding 3 Oy was renamed Ahlstrom Oyj. RETURN OF EQUITY On January 28, 2026, Ahlstrom Oyj decided on a cash distribution in the aggregate amount of EUR 8,767,750.92 by way of return of equity from invested unrestricted equity reserve. Payment was made on February 2, 2026. On April 21, 2026, Ahlstrom Oyj decided on a cash distribution in the aggregate amount of EUR 8,111,311.76 by way of return of equity from invested unrestricted equity reserve. Payment was made on May 4, 2026. On July 29, 2026, Ahlstrom Oyj decided on a cash distribution in the aggregate amount of EUR 8,617,300.92 by way of return of equity from invested unrestricted equity reserve. Payment was made on August 3, 2026. LAWSUITS AGAINST AHLSTROM On August 9, 2023, a putative class action lawsuit was filed in the U.S. District Court for the Western District of Wisconsin against Ahlstrom Rhinelander LLC, among others, concerning alleged contamination of private well drinking water in Oneida County in the U.S. An amended complaint was filed on February 8, 2024, and on April 15, 2025, a fourth amended complaint was filed that names another defendant and alleges contamination of surface water bodies. On January 6, 2025, the City of Wausau, Wisconsin filed a separate complaint against multiple defendants, including Ahlstrom NA Specialty Solutions LLC, alleging PFAS contamination of the City of Wausau’s water supply. The City of Wausau alleges that a closed landfill owned by Ahlstrom NA Specialty Solutions LLC in the Village of Maine, Wisconsin is a source of contamination. On February 24, 2026, the Town of Pepperell, Massachusetts filed a complaint against multiple defendants, including Ahlstrom Paper, alleging PFAS contamination of the Town of Pepperell’s water supply. The Town of Pepperell alleges that a paper mill previously owned by Ahlstrom Paper is a source of contamination. The mill ceased operations in 2009, and the associated real estate was divested in 2021. The lawsuits are still in their early stages, with no significant changes in the period. ANNUAL GENERAL MEETING On March 26, 2026, it was resolved in a sole shareholder meeting to adopt the Financial Statements for the year 2025 and to grant the members of the Board of Directors discharge from the financial year 2025. It was resolved also to authorize the Board of Directors to decide on the distribution of funds, in one or several tranches, from the company's retained earnings and/or distribution of funds from the Company’s invested unrestricted equity fund, up to an aggregate maximum amount of EUR 35.0 million. The authorization is in force until the beginning of the Company's Annual General Meeting 2027. RADCLIFFE CLOSURE The Radcliffe site was closed on 31 March 2026 following a consultation process. MOSINEE RIGHTSIZING Following the announcement of February 26, 2026, the Mosinee pulp mill and M3 paper machine have ceased operations on June 30, 2026. Operations on the M2 paper machine were closed in August 2026, ahead of schedule. By rightsizing the Mosinee site, the mill will refocus on more competitive production, supported by future investments into new technologies and automation on the remaining M1 and M4 paper machines. CONSOLIDATION OF R&D ACTIVITIES On April 29, 2026, the Company announced consolidation of R&D activities currently based in Apprieu and P o n t ‑ É v ê q u e i n t o o n e g l o b a l i n n o v a t i o n h u b i n P o n t ‑ É v ê q u e . B y c o n c e n t r a t i n g k e y i n n o v a t i o n c a p a b i l i t i e s i n P o n t ‑ É v ê q u e , A h l s t r o m a c c e l e r a t e s t h e d e v e l o p m e n t o f s a f e a n d s u s t a i n a b l e s o l u t i o n s f o r c u s t o m e r s across its applications, including filtration, life sciences, food and consumer packaging, protective materials and building solutions. DIVESTMENT OF MUNKSJÖ PAPER HOLDING AB AND SYDVED AB On 29 May 2026, Ahlstrom disposed of its investment in Munksjö Paper Holding AB to A. Ahlstrom Industrial AB, resulting in a loss of EUR 8.9 million, of which EUR 1.9 million was cumulative exchange 11 INTERIM REPORT JANUARY-SEPTEMBER 2026
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differences reclassified from other comprehensive income. In connection with the transaction, Munksjö Paper Holding AB repaid a loan of EUR 10.0 million to Ahlstrom. Ahlstrom also partially divested its investment in Sydved AB to AMWOOD AB, reducing its ownership from 33.33% to 10%, with no material financial impact. Following the completion of these transactions, Ahlstrom no longer has associated companies. REFINANCING USD 519 MILLION TERM LOAN B On July 10, 2026, Ahlstrom Oyj announced it has refinanced its USD 519 million Term Loan B facility with a new USD 545 million Term Loan B2. The excess amount will be used for general corporate purposes. With this transaction the maturity has been extended from February 2028 to May 2030 in line and fungible with the existing USD 597 million Term Loan B1 issued in 2025 in connection with the acquisition of Stevens Point. As a result, 80% of the financial debt structure now has an extended maturity to 2030. EVENTS AFTER THE REPORTING PERIOD On October 15, 2026, FourWorld Capital Management LLC ("FWC"), a minority shareholder in the former Ahlstrom-Munksjö Oyj, filed a summons application against Ahlstrom Oyj with the Helsinki District Court. FWC claims that the redeemer Ahlstrom Holding 3 Oy (now Ahlstrom Oyj) should have paid delay interest and an increased statutory interest rate on the redemption price paid to minority shareholders in connection with the 2021-2025 squeeze-out of Ahlstrom-Munksjö Oyj's shares, and seeks payment of the alleged shortfall together with related interest and legal costs. Ahlstrom considers the claim to be completely without merit and intends to contest the claim. Ahlstrom paid interest at the reference rate of the Bank of Finland, exactly as ordered by the arbitral tribunal and later confirmed by the Supreme Court. The payment process and interest calculation was reviewed and approved also by the court-appointed trustee. RISKS AND UNCERTAINTIES Ahlstrom manages a broad portfolio of businesses and serves a wide range of end uses globally, supported by regional production, making it unlikely to be significantly affected at the Group level by individual business factors. However, slower global economic growth, higher inflation and uncertain financial market conditions could have an adverse effect on the operations, financial results, and financial position. Ahlstrom’s significant risks and uncertainties are primarily related to the development of demand and prices for its products, as well as the cost, volatility, and availability of key input materials and energy. The war in the Middle East has increased the risk of further inflationary pressures, particularly through its impacts on mainly energy and logistics prices. Geopolitical tensions including wars, trade disputes and the increasing risk of global fragmentation may affect the company’s supply chains and competitive landscape as well as increase IT disruption risks. However, the company mitigates these risks through a local-for-local production approach, diversified sourcing and flexible manufacturing setups that support rapid relocation of production when necessary. Additionally, rising political polarization may lead to unpredictable regulatory shifts and economic uncertainty, further complicating the operating environment and strategic planning. Ahlstrom’s operations involve operational risks such as equipment and process malfunctions, delivery delays, labor availability issues, and local safety or environmental incidents. In addition, disruptions in the supply chain, including input material availability constraints, supplier reliability issues, logistics bottlenecks, and transportation interruptions, can adversely affect production continuity and timely deliveries. These factors can temporarily disrupt production and weaken delivery capability. Ahlstrom faces market and competitive risks arising from evolving customer demand patterns. While the company’s specialty materials are not easily or rapidly replaceable, disruptive innovations or long-term shifts in the competitive landscape could gradually challenge incumbent technologies. The sustainability criteria are developing as the effects of climate change increase. For the industry, both the impact of climate change and green transition mean new business conditions, but also new business opportunities because some of the environmental challenges can be met with the company's products. Climate change related physical and transition risks include, but are not limited to, unforeseen expenses related to compliance with emerging environmental and other government regulations, adaptation actions and product development expenditures, as well as production disruptions and restrictions. 12 INTERIM REPORT JANUARY-SEPTEMBER 2026
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The Group’s key financial risks include interest rate and currency, liquidity and credit and covenant risks. To mitigate short-term risks, methods such as hedging and credit insurance are used. There are no major refinancing needs short-term. The Group is exposed to tax risks due to potential changes in tax laws and regulations or their application, or as a result of on-going or future tax audits or claims. The company regularly assesses the best structure for its portfolio of businesses and systematically evaluates M&A opportunities. In potential business combinations, substantial integration work is needed to realize expected synergies. Ongoing transformation initiatives pose risks that are mitigated by a dedicated transformation office of cross-functional and operational capabilities. Ahlstrom has operations in many countries, and sometimes disputes cannot be avoided in daily operations. The company is sometimes involved in legal actions, disputes, claims for damages and other procedures. The result of these cannot be predicted. Please refer to the Financial Statements 2025 for a full risk disclosure. ADDITIONAL INFORMATION AT AHLSTROM Niklas Beyes, CFO David Brilleslijper, Head of Investor Relations IR@ahlstrom.com COMBINED AUDIOCAST AND TELECONFERENCE A combined audiocast and teleconference will be held on October 29, 2026, 15:00 EET (14:00 CET). The event will be hosted by President and CEO Helen Mets and CFO Niklas Beyes. Questions to the management can be asked either via the chat box in the audiocast or in person by phone in the conference call. Audiocast registration link: https://ahlstrom.videosync.fi/q3-2026/register Teleconference registration link: https://player.videosync.fi/ahlstrom/q3-2026/dial-in After the registration to the teleconference, the participant will be provided with phone numbers and a conference ID to access the call. To ask a question, press #5 on your telephone keypad to enter the queue. By joining the audiocast or teleconference, the participant agrees that personal information such as name and company name will be collected. The event will be recorded. 13 INTERIM REPORT JANUARY-SEPTEMBER 2026
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Forward-Looking Statements This report contains and refers to certain forward-looking statements with respect to our financial condition, results of operations and business. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among others, statements concerning the potential exposure to market risks and statements expressing management’s expectations, beliefs, plans, objectives, intentions, estimates, forecasts, projections and assumptions. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. This report contains forward-looking statements, including statements about market consolidation and our strategy, investment program, future operations, industry forecasts, expected acquisitions, transactions and investments, and target levels of leverage and indebtedness. Forward-looking statements provide our current expectations, intentions or forecasts of future events. Forward-looking statements include statements about expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not statements of historical fact. Words or phrases such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “objectives,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probably,” “project,” “seek,” “should,” “target,” “will,” “would” or similar words or phrases or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward- looking. All of these forward-looking statements are based on estimates and assumptions made by such entities that, although believed to be reasonable, are inherently uncertain. Therefore, undue reliance should not be placed upon any forward-looking statements. There are important factors that could cause actual results to differ materially from those contemplated by such forward-looking statements. In addition, even if our actual results are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods. For example, factors that could cause our actual results to vary from projected future results include, but are not limited to: uncertain global economic and financial market conditions; changes in demand for our products, including as a result of the cyclical nature of the industry in which we operate; the highly competitive markets in which we operate; changes in the costs or availability of raw materials and energy; trade restrictions and economic sanctions; political, financial or legal risks in the markets in which we operate; our ability to successfully implement our business strategy and to manage our growth; product development and innovation; the significant capital expenditures required by our business; any reorganization of our operations or divestment of businesses; risks arising out of joint ventures and other partnerships; operational risks and failures or deficiencies in the management of operational efficiency; loss of customer relationships and customer concentration; compliance with environmental health and safety and other laws and regulations; product safety or quality failures and additional factors which are explained in other reports and or documents prepared by the Group. The foregoing factors should not be construed as exhaustive. Other sections of this report describe additional factors that could adversely affect our financial position, results of operations and liquidity and developments in the markets and industries in which we operate. New factors will emerge in the future, and it is not possible for the Group to predict such factors. In addition, the Group cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in any forward-looking statements. In light of these risks, the actual results of the Group could differ materially from the forward-looking statements contained in this report. None of the information contained on the Group’s website is incorporated by reference into or otherwise deemed to be linked to this report. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements are expressly qualified in their entirety by the cautionary statements referred to in this section and contained elsewhere in this report. In light of these risks, our results could differ materially from the forward-looking statements contained in this report. 14 INTERIM REPORT JANUARY-SEPTEMBER 2026
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APPENDIX 1: CONSOLIDATED FINANCIAL STATEMENTS This interim report presents the condensed consolidated interim results, financial position and cash flows of Ahlstrom for January-September 2026 (‘interim report’). These interim financial statements are unaudited. INCOME STATEMENT Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4 EUR million Note 2026 2025 2026 2025 2025 Net sales 5, 6 757.7 743.1 2,281.5 2,227.3 2,930.3 Cost of goods sold -594.2 -605.4 -1,862.2 -1,824.9 -2,409.8 Gross profit 163.4 137.7 419.3 402.4 520.6 Sales, R&D and administrative expenses -70.1 -59.9 -210.7 -188.7 -268.7 Other operating income 8.7 12.8 22.1 24.9 32.2 Other operating expense 7 -18.3 -74.3 -78.2 -107.9 -134.6 Operating result 83.6 16.3 152.5 130.6 149.5 Net financial items -53.1 -51.7 -167.1 -138.5 -211.4 Share of result in equity-accounted investees — -1.4 -1.8 -0.8 -6.7 Result before taxes 30.6 -36.8 -16.4 -8.6 -68.6 Income taxes -10.9 -17.9 -14.6 -30.0 -33.3 Net result 19.7 -54.6 -31.1 -38.6 -101.9 15 INTERIM REPORT JANUARY-SEPTEMBER 2026
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STATEMENT OF COMPREHENSIVE INCOME Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2026 2025 2025 Net result 19.7 -54.6 -31.1 -38.6 -101.9 Other comprehensive income Items that may be reclassified to income statement Exchange differences on translation of foreign operations 5.8 -9.2 37.2 -94.4 -89.3 Translation differences reclassified to income statement — — 1.9 — — Hedges of net investments in foreign operations -1.9 1.0 -16.9 63.1 63.6 Change in cash flow hedge reserve 4.8 -1.2 8.0 -1.5 5.1 Cash flow hedge transferred to income statement -0.9 -2.8 -2.3 3.7 -5.7 Equity-accounted investees - share of OCI — 1.8 1.0 1.3 -0.1 Income taxes to items that may be reclassified -1.2 0.9 -1.9 -0.2 0.5 Items that will not be reclassified to income statement Remeasurement gains and losses on defined benefit plans -1.4 -0.1 -0.4 1.2 2.7 Equity-accounted investees - share of OCI — 0.6 0.0 1.0 2.8 Income taxes to items that will not be reclassified 0.4 -0.1 0.1 -0.3 -0.7 Other comprehensive income 5.7 -9.3 26.7 -26.1 -21.0 Comprehensive income 25.4 -63.9 -4.4 -64.7 -122.9 Net result attributable to Parent company’s shareholders 19.2 -55.2 -32.5 -40.0 -103.6 Non-controlling interests 0.5 0.5 1.4 1.4 1.7 Comprehensive income attributable to Parent company’s shareholders 24.7 -64.5 -6.7 -65.0 -123.7 Non-controlling interests 0.6 0.5 2.3 0.3 0.8 16 INTERIM REPORT JANUARY-SEPTEMBER 2026
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BALANCE SHEET Sep 30, Sep 30, Dec 31, EUR million Note 2026 2025 2025 ASSETS Non-current assets Property, plant and equipment 8 1,134.7 1,137.1 1,158.4 Right-of-use assets 29.4 29.9 31.9 Goodwill 9, 4 1,225.8 1,177.1 1,200.2 Intangible assets 8 904.3 898.0 912.4 Equity-accounted investees 13 — 17.8 12.4 Other non-current assets 28.6 42.5 33.4 Deferred tax assets 5.1 5.7 3.0 Total non-current assets 3,327.8 3,308.1 3,351.7 Current assets Inventories 393.5 371.3 360.7 Trade and other receivables 1 296.5 497.6 254.9 Income tax receivables 16.3 12.6 12.6 Cash and cash equivalents 10 199.7 249.0 176.9 Total current assets 906.0 1,130.4 805.1 Assets classified as held for sale 3 — 53.8 — TOTAL ASSETS 4,233.8 4,492.3 4,156.8 EQUITY AND LIABILITIES Equity Equity attributable to parent company's shareholders 360.4 459.5 392.4 Non-controlling interests 12.5 10.4 10.9 Total equity 372.9 469.9 403.3 Non-current liabilities Non-current borrowings 10 2,648.0 2,587.0 2,587.0 Non-current lease liabilities 10 21.2 18.5 21.0 Other non-current liabilities 5.3 5.5 5.9 Employee benefit obligations 36.5 39.0 36.2 Deferred tax liabilities 188.1 198.5 197.2 Non-current provisions 11 44.7 31.3 32.2 Total non-current liabilities 2,943.8 2,879.7 2,879.6 Current liabilities Current borrowings 10 163.3 184.7 164.3 Current lease liabilities 10 11.6 12.4 12.0 Trade and other payables 1 694.7 869.7 665.7 Income tax liabilities 20.0 17.6 11.9 Current provisions 11 27.5 24.7 19.9 Total current liabilities 917.1 1,109.2 873.8 Liabilities directly associated with assets held for sale 3 — 33.5 — Total liabilities 3,860.9 4,022.4 3,753.5 TOTAL EQUITY AND LIABILITIES 4,233.8 4,492.3 4,156.8 1 Sep 30, 2025 includes funds held in an escrow account (EUR 242.2 million) related to the minority squeeze-out liability, which was subsequently settled in Q4 2025. For further information on the squeeze-out procedure, see the financial statements for the year ended December 31, 2025. 17 INTERIM REPORT JANUARY-SEPTEMBER 2026
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STATEMENT OF CHANGES IN EQUITY EUR million Note Share capital Reserve for invested unrestricted equity Other reserves Cumulative translation adjustment Retained earnings Total equity attributable to parent company’s shareholders Non- controlling interest Total equity Equity at January 1, 2026 — 948.8 -8.4 -66.2 -481.7 392.4 10.9 403.3 Net result — — — — -32.5 -32.5 1.4 -31.1 Other comprehensive income, net of tax — — -13.1 39.2 -0.3 25.8 0.9 26.7 Total comprehensive income — — -13.1 39.2 -32.8 -6.7 2.3 -4.4 Transfer to share capital 0.1 -0.1 — — — 0.0 — 0.0 Upstream merger result — — — — 0.2 0.2 — 0.2 Return of equity and dividends 13 — -25.5 — — — -25.5 -0.7 -26.2 Equity at September 30, 2026 0.1 923.2 -21.5 -27.0 -514.2 360.4 12.5 372.9 Equity at January 1, 2025 — 982.5 -71.9 22.2 -383.0 549.9 11.1 561.0 Net result — — — — -40.0 -40.0 1.4 -38.6 Other comprehensive income, net of tax — — 65.1 -92.1 1.9 -25.0 -1.0 -26.1 Total comprehensive income — — 65.1 -92.1 -38.1 -65.0 0.3 -64.7 Return of equity and dividends 13 — -25.4 — — — -25.4 -1.0 -26.4 Equity at September 30, 2025 — 957.1 -6.7 -69.8 -421.1 459.5 10.4 469.9 18 INTERIM REPORT JANUARY-SEPTEMBER 2026
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STATEMENT OF CASH FLOWS Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4 EUR million Note 2026 2025 2026 2025 2025 Cash flow from operating activities Net result 19.7 -54.6 -31.1 -38.6 -101.9 Adjustments Depreciation, amortization and impairment 50.3 107.6 172.1 199.9 252.6 Interest and other financial income and expense 53.1 51.7 167.1 138.5 211.4 Other adjustments 10.6 19.7 16.2 30.8 36.8 Total adjustments 114.0 179.1 355.3 369.2 500.8 Changes in net working capital -0.9 -32.0 -6.0 -51.5 -17.6 Change in provisions 11 -16.8 -4.5 18.8 -13.5 -17.5 Interest paid -49.2 -32.8 -146.0 -104.9 -164.9 Other financial items, net -6.4 -6.3 -8.6 -24.4 -23.6 Income taxes paid -10.7 -6.4 -25.9 -26.0 -34.4 Net cash from operating activities 49.6 42.3 156.5 110.3 140.8 Cash flow from investing activities Purchases of property, plant and equipment and intangible assets 8 -40.0 -50.0 -104.0 -113.7 -172.4 Payments for acquisition of businesses and subsidiaries, net of cash acquired 4 — — -17.1 -501.1 -539.1 Proceeds from disposal of shares in Group companies, equity-accounted investees and businesses, net of cash disposed 4, 13 1.0 — 6.6 1.5 -1.9 Acquisition of minority shareholdings — — — — -225.9 Release of funds in escrow account — — — — 225.9 Repayment of loan receivables from equity- accounted investees 13 — — 10.0 — — Loans granted -2.0 — -2.0 — — Other investing activities 0.0 0.0 0.5 0.6 0.7 Net cash from investing activities -41.0 -49.9 -106.0 -612.7 -712.7 Cash flow from financing activities Return of equity -8.6 -8.4 -25.5 -25.4 -33.8 Proceeds from non-current borrowings 10 22.7 60.0 22.7 588.4 588.4 Repayments of non-current borrowings 10 -2.5 -1.4 -7.2 -3.9 -6.4 Change in current borrowings 10 13.2 19.2 -8.2 10.9 -7.9 Payments of lease liabilities 10 -3.8 -4.6 -11.5 -12.0 -15.7 Dividends paid -0.7 — -0.7 -1.0 -1.0 Other financing activities — — 0.2 — — Net cash from financing activities 20.3 64.8 -30.2 557.0 523.6 Net change in cash and cash equivalents 28.9 57.2 20.3 54.6 -48.3 Cash and cash equivalents at the beginning of the period 172.5 223.4 176.9 221.8 221.8 Foreign exchange effect on cash and cash equivalents -1.8 -2.6 2.5 1.7 3.5 Cash and cash equivalents at the end of the period 10 199.7 278.1 199.7 278.1 176.9 19 INTERIM REPORT JANUARY-SEPTEMBER 2026
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NOTES TO THE INTERIM FINANCIAL STATEMENTS 1.General information Ahlstrom Oyj (previously Ahlstrom Holding 3 Oy) is the parent company (“parent company”) of the Ahlstrom Group (“Ahlstrom”, “Group”, “company”). On January 2, 2026, Ahlstrom Holding 1 Oy, Ahlstrom Holding 2 Oy and Ahlstrom Oyj were merged into Ahlstrom Holding 3 through absorption mergers and Ahlstrom Holding 3 Oy was renamed Ahlstrom Oyj. Ahlstrom is a global leader in fiber-based materials, supplying innovative and sustainable solutions worldwide. Ahlstrom’s offerings include filter materials, release liners, food and beverage processing materials, tape backings, electrotechnical paper, glass fiber materials, medical fiber materials and solutions for diagnostics as well as a range of specialty papers for industrial and consumer end-uses. 2. Form and content of interim financial statements (Basis of presentation) The condensed interim consolidated financial statements (“interim report”) January-September 2026, approved by the Board of Directors of Ahlstrom Oyj, have been prepared solely for the purpose of reporting to the parent company’s bondholders. The condensed consolidated interim results, financial position and cash flows of Ahlstrom for January-September 2026, January-September 2025 and for the year 2025 presented herein have been prepared in accordance with IFRS, as adopted by the EU. The condensed interim consolidated financial statements have been prepared in accordance with “IAS 34 Interim Financial Reporting”, as adopted by the EU and should be read together with Ahlstrom’s consolidated Financial Statements for the year 2025. The condensed interim consolidated financial statements are presented in millions of euros and consist of the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity, and the explanatory notes. Events after the reporting period are presented on page 12. All figures in the interim report have been rounded and consequently the total of individual figures can deviate from the presented totals. Furthermore, all percentages are subject to possible rounding differences. 3. Accounting principles The accounting principles applied are consistent with those followed in the preparation of the Ahlstrom’s consolidated financial statements for the year 2025. 4. Business acquisitions and disposals 2026 In 2024, Ahlstrom completed the disposal of its Aspa pulp mill in Sweden. The total consideration for the transaction included a deferred consideration component. During Q2 2026, EUR 1.0 million of the deferred consideration was received, and a further EUR 1.0 million was received in Q3 2026. The remaining EUR 1.5 million will be received in Q4 2026. 2025 Acquisition of Stevens Point On May 28, 2025, Ahlstrom completed the acquisition of the Stevens Point facility, a high-end solutions provider in food and consumer packaging and e-commerce applications, located in Wisconsin, USA. The total purchase consideration amounted to EUR 518.6 million, which included a contingent consideration of EUR 17.7 million (equivalent to USD 20.0 million at the exchange rate prevailing at the time of the agreement). During the first quarter of 2026, Ahlstrom paid the contingent consideration of USD 20.0 million, which corresponded to EUR 17.0 million at the exchange rate applicable at the time of settlement. The amount paid was consistent with the fair value recognized at the acquisition date, as the underlying tariff conditions developed as anticipated. Net identifiable assets acquired totaled EUR 341.2 million, and goodwill amounted to EUR 177.4 million. Acquisition of EBF On October 2, 2025, Ahlstrom completed the acquisition of EBF Holdco LLC, based in Greenville, South Carolina, USA. EBF is recognized for its expertise in manufacturing high-quality, natural fiber-based medical devices and has been integrated into the Group’s Filtration & Life Sciences segment. 20 INTERIM REPORT JANUARY-SEPTEMBER 2026
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The total purchase consideration for the acquisition amounted to EUR 38.8 million. The total cash flow impact of the transaction was EUR -38.4 million. The impact on the Group's balance sheet was immaterial and primarily related to property, plant, and equipment, as well as goodwill and intangible assets. The acquisition resulted in the recognition of goodwill amounting to EUR 22.5 million. Disposal of Abrasives business On October 1, 2025, Ahlstrom divested its Abrasives business unit to Munksjö. The transaction included the subsidiary Ahlstrom Arches S.A.S, along with all associated operations and personnel. In September 2025, upon classification as assets held for sale, an impairment loss of EUR 55.7 million was recognized on goodwill, intangible assets, and property, plant and equipment, to write down the net assets to the lower of their carrying amount and fair value less transaction-related costs. The disposal consideration was EUR 22.2 million, with the carrying amount of net assets sold at EUR 21.2 million and costs to sell of EUR 0.7 million, resulting in a gain on sale of EUR 0.3 million. The cash flow impact related to the transaction was EUR -6.8 million. 5. Segment information Ahlstrom operates under the following four reporting segments: Filtration & Life Sciences – Mission-critical air and liquid filtration applications and life science and medical solutions. Protective Materials – Highly engineered materials for protecting every surface of the building, and specialty materials for electrotechnical and other industrial applications. Food & Consumer Packaging – Solutions for improved food safety, product protecting, preservation, and bacteria prevention. Performance Materials Cluster – High-quality solutions for paper backings, paper release liners1, casing materials, and materials for coffee and tea. Other and eliminations include certain group and function costs, and certain other costs not used in the assessment of segmental performance. 1 Includes the release liners business in Europe, Brazil, and the APAC region. Financial performance by segment, EUR million Q1-Q3/2026 Filtration & Life Sciences Protective Materials Food & Consumer Packaging Performance Materials Cluster Other and eliminations Total Net sales, external 591.0 582.1 684.4 421.9 2.2 2,281.5 Net sales, internal 10.0 3.7 33.6 1.2 -48.5 — Net sales 600.9 585.8 718.0 423.1 -46.3 2,281.5 Comparable EBITDA 148.6 98.1 138.6 26.0 -8.3 403.1 IAC in EBITDA and management fee -78.5 Depreciation, amortization and impairment -172.1 Operating result 152.5 Operating working capital 149.3 104.8 95.9 45.8 -17.6 378.2 21 INTERIM REPORT JANUARY-SEPTEMBER 2026
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Financial performance by segment, EUR million Q1-Q3/2025 Filtration & Life Sciences Protective Materials Food & Consumer Packaging Performance Materials Cluster Other and eliminations Total Net sales, external 581.9 605.6 569.0 468.4 2.4 2,227.3 Net sales, internal 7.0 7.5 21.8 7.8 -44.2 — Net sales 588.9 613.2 590.8 476.2 -41.8 2,227.3 Comparable EBITDA 136.9 94.7 103.7 22.7 11.7 369.8 IAC in EBITDA and management fee -39.2 Depreciation, amortization and impairment -199.9 Operating result 130.6 Operating working capital 131.4 100.4 82.6 81.9 -35.8 360.4 Net sales Filtration & Life Sciences 195.9 209.6 195.4 186.5 191.1 Protective Materials 189.6 205.7 190.5 186.9 190.4 Food & Consumer Packaging 242.8 241.7 233.6 216.4 228.2 Performance Materials Cluster 143.5 145.6 134.0 128.5 145.3 Other and eliminations -14.1 -16.3 -15.9 -15.3 -11.9 Total 757.7 786.3 737.5 703.1 743.1 Comparable EBITDA Filtration & Life Sciences 47.1 54.3 47.2 45.0 47.6 Protective Materials 36.2 33.8 28.1 27.8 30.2 Food & Consumer Packaging 49.4 46.9 42.3 39.5 42.6 Performance Materials Cluster 12.1 8.7 5.3 3.1 7.4 Other and eliminations -2.6 -1.7 -4.0 -12.1 11.8 Total 142.2 142.1 118.8 103.2 139.6 Comparable EBITDA margin, % Filtration & Life Sciences 24.0 25.9 24.1 24.1 24.9 Protective Materials 19.1 16.4 14.8 14.9 15.9 Food & Consumer Packaging 20.3 19.4 18.1 18.2 18.7 Performance Materials Cluster 8.4 6.0 3.9 2.4 5.1 Total 18.8 18.1 16.1 14.7 18.8 Operating working capital Filtration & Life Sciences 149.3 144.6 131.0 129.8 131.4 Protective Materials 104.8 107.8 107.1 96.7 100.4 Food & Consumer Packaging 95.9 90.3 77.4 65.4 82.6 Performance Materials Cluster 45.8 66.8 91.5 70.0 81.9 Other and eliminations -17.6 -23.7 -28.8 -26.5 -35.8 Total 378.2 385.8 378.2 335.4 360.4 Segment information by quarter Q3 Q2 Q1 Q4 Q3 EUR million, or as indicated 2026 2026 2026 2025 2025 22 INTERIM REPORT JANUARY-SEPTEMBER 2026
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6. Net sales by region Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2026 2025 2025 North America 372.4 365.0 1,116.7 1,019.7 1,354.3 Europe 236.3 240.4 740.0 775.2 1,010.8 Asia-Pacific 82.8 78.5 240.8 248.9 327.7 South America 57.0 50.3 156.7 153.4 196.7 Rest of the world 9.1 8.9 27.2 30.0 40.8 Total 757.7 743.1 2,281.5 2,227.3 2,930.3 7. Other operating expenses Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2026 2025 2025 Depreciation and amortization of fair value adjustments from business combinations (PPA) -17.4 -17.9 -52.1 -50.6 -67.9 Impairment loss — -55.7 -22.7 -55.7 -58.5 Other -0.9 -0.7 -3.4 -1.5 -8.1 Total -18.3 -74.3 -78.2 -107.9 -134.6 In Q1 2026, an impairment loss of EUR 22.6 million was recognized related to the closure of the pulp mill and two paper machines in Mosinee, and the closure of the Radcliffe site. Of the impairment losses in 2025, EUR 55.7 million were recognized as a result of the classification of the Abrasives business as assets held for sale prior to the divestment. 8. Property, plant and equipment and intangible assets Changes in property, plant and equipment Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2025 Carrying value at the beginning of period 1,158.4 1,115.0 1,115.0 Business combination — 140.1 140.4 Additions 66.0 79.4 131.3 Disposals -0.3 -1.6 -1.6 Business disposals — — -1.4 Depreciation -91.8 -91.3 -122.0 Impairment -20.3 -38.0 -38.6 Translation differences and other changes 22.6 -65.2 -64.6 Classification as held for sale — -1.4 — Carrying value at the end of period 1,134.7 1,137.1 1,158.4 In Q1 2026, an impairment loss of EUR 20.2 million on property, plant, and equipment was recognized in connection with the announced closure of the pulp mill and two paper machines in Mosinee, as well as the closure of the Radcliffe site. The business combination in 2025 includes mainly the acquisition of the Stevens Point mill in the U.S. See more information in Ahlstrom’s consolidated financial statements for the year 2025, note 21. An impairment loss of EUR -38.0 million was recognized in Q3 2025 related to the Abrasives business. 23 INTERIM REPORT JANUARY-SEPTEMBER 2026
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Changes in intangible assets Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2025 Carrying value at the beginning of period 912.4 789.2 789.2 Business combination — 170.4 186.1 Additions 28.0 31.0 47.4 Disposals -6.3 -6.1 -6.2 Business disposals — — -1.3 Amortization -46.1 -41.0 -56.2 Impairment — -11.6 -11.9 Translation differences and other changes 16.3 -33.9 -34.6 Carrying value at the end of period 904.3 898.0 912.4 The business combination in 2025 includes mainly the acquisition of the Stevens Point mill in the U.S. See more information in Ahlstrom’s consolidated financial statements for the year 2025, note 21. An impairment loss of EUR -11.9 million was recognized in 2025 related to the Abrasives business. 9. Goodwill Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2025 Carrying value at the beginning of period 1,200.2 1,050.6 1,050.6 Business combination — 177.1 199.9 Impairment — -6.1 -6.1 Translation differences 25.6 -44.5 -44.3 Carrying value at the end of period 1,225.8 1,177.1 1,200.2 The business combination in 2025 includes mainly the acquisition of the Stevens Point mill in the U.S. The impairment losses in 2025 were related to Abrasives business. 24 INTERIM REPORT JANUARY-SEPTEMBER 2026
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10. Financial assets and liabilities Available committed facilities, nominal values and cash Sep 30, Sep 30, Dec 31, EUR million 2026 2025 2025 Available committed bank overdrafts 21.7 21.3 21.2 Cash and cash equivalents 199.7 249.0 176.9 Committed revolving credit facilities 329.4 262.9 265.7 Finnish Commercial Paper program outstanding -104.0 -118.0 -101.0 Available committed facilities and cash 446.8 444.2 362.8 In Q3 2026, Ahlstrom refinanced its USD 519 million Term Loan B with a new USD 545 million Term Loan B2 facility maturing in May 2030. The transaction extended debt maturities, reduced the concentration of senior secured debt due in Feb 2028, and provided additional liquidity for general corporate purposes. The refinancing was leverage-neutral. In Q2 2026, the Group successfully upsized and extended its revolving credit facility (RCF). Following the transaction, the total RCF increased to approximately €390.5 million, of which €362.0 million matures in November 2029 and €28.5 million continues to mature in August 2027. If more than EUR 500 million of the Existing Senior Secured Term Debt (being the Facility B (USD) Loans and Senior Secured Notes outstanding as at 20 May 2026) remains outstanding on 6 November 2027, the Termination Date for the EUR 362 million portion of the RCF will automatically be brought forward to 4 January 2028. On Sep 30, 2026, no amounts were outstanding under the Revolving Credit Facility. The principal amount of outstanding guarantees from ancillary facilities under the RCF were EUR 61.1 million. Reconciliation of net indebtedness Sep 30, Sep 30, Dec 31, EUR million 2026 2025 2025 Gross borrowings 2,844.0 2,802.7 2,784.4 Cash and cash equivalents 199.7 249.0 176.9 Cash and cash equivalents and financial liabilities classified as held for sale — 28.2 — Net indebtedness 2,644.3 2,525.5 2,607.5 Net indebtedness Sep 30, Sep 30, Dec 31, EUR million 2026 2025 2025 Cash and cash equivalents 199.7 249.0 176.9 Cash and cash equivalents classified as held for sale — 29.1 — Senior secured credit facilities 2,045.7 1,996.7 1,996.1 Senior secured notes 612.3 599.7 600.4 Net senior secured indebtedness 2,458.2 2,318.4 2,419.6 Bank loans 38.1 45.1 40.8 Commercial papers 102.4 116.9 100.0 Lease liabilities 32.8 31.0 33.0 Other financial liabilities 12.7 13.2 14.1 Financial liabilities classified as held for sale — 0.9 — Net indebtedness 2,644.3 2,525.5 2,607.5 25 INTERIM REPORT JANUARY-SEPTEMBER 2026
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Fair values of financial assets and liabilities Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 EUR million Carrying value Fair value Carrying value Fair value Carrying value Fair value Level Non-current financial liabilities measured at amortized cost Senior secured notes 612.3 659.7 599.7 610.0 600.4 610.1 1 Senior secured credit facilities 2,035.7 2,048.4 1,987.2 2,029.2 1,986.6 2,023.2 2 Lease liabilities 21.2 21.2 18.5 18.5 21.0 21.0 2 Total 2,669.2 2,729.3 2,605.5 2,657.8 2,608.0 2,654.3 Current financial liabilities measured at amortized cost Senior secured credit facilities 10.0 10.0 9.5 9.5 9.5 9.5 2 Lease liabilities 11.6 11.6 12.4 12.4 12.0 12.0 2 Other current borrowings 153.3 153.3 175.2 175.2 154.9 154.9 2 Total 174.8 174.8 197.2 197.2 176.4 176.4 Financial liabilities measured at amortized cost 2,844.0 2,904.1 2,802.7 2,854.9 2,784.4 2,830.7 Financial instruments measured at fair value Forward contracts – cash flow hedge accounting -3.3 -3.3 2.1 2.1 1.0 1.0 2 Forward contracts – fair value through income statement 0.6 0.6 0.2 0.2 -0.2 -0.2 2 Interest rate derivatives – fair value through income statement 4.7 4.7 — — 0.6 0.6 1 Commodity swap contracts – cash flow hedge accounting 2.3 2.3 -1.2 -1.2 -2.9 -2.9 1 Total 4.3 4.3 1.1 1.1 -1.5 -1.5 The fair values of the senior secured notes have been estimated based on quoted market prices, including any accrued interest. Nominal values of derivatives Sep 30, Sep 30, Dec 31, EUR million 2026 2025 2025 Forward contracts - cash flow hedge accounting 111.1 120.0 123.6 Forward contracts - fair value through income statement 194.1 173.3 192.9 Interest rate derivatives - fair value through income statement 752.3 — 740.4 Commodity swap contracts - cash flow hedge accounting 9.8 17.7 16.1 See more information on financial assets and liabilities in Ahlstrom’s consolidated financial statements for the year 2025, notes 16 and 18. 26 INTERIM REPORT JANUARY-SEPTEMBER 2026
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11. Provisions Changes of provisions Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 EUR million Environmental Restructuring Other Total Total Total Carrying value at the beginning of period 23.3 16.0 12.8 52.1 70.2 70.2 Business combination — — — — 1.4 1.4 Business disposal — — — — — -1.3 Unwinding of discount 0.3 — — 0.3 0.3 0.4 Provisions made during the year 1.5 42.4 3.2 47.1 3.4 7.1 Provisions used during the year -1.0 -15.9 -4.8 -21.7 -16.1 -20.7 Provisions reversed — -6.6 -0.4 -6.9 -0.8 -3.5 Translation differences 0.3 0.5 0.4 1.2 -1.4 -1.4 Classification as held for sale — — — — -1.0 — Carrying value at the end of period 24.3 36.5 11.3 72.1 56.0 52.1 Non-current provisions 44.7 31.3 32.2 Current provisions 27.5 24.7 19.9 In 2026, restructuring provisions totaling EUR 42.4 million and environmental provisions amounting to EUR 1.5 million were recognized. A significant portion of these relates to the closure of the pulp mill and two paper machines in Mosinee and the closure of the Radcliffe site. In Q3 2026 restructuring provisions were reversed by EUR 6.6 million. The majority of the reversal relates to provisions for Mosinee and Radcliffe. 12. Off-balance sheet commitments Sep 30, Sep 30, Dec 31, EUR million 2026 2025 2025 Assets pledged Pledges — 242.2 — Commitments Guarantees and commitments given on behalf of Group companies 41.3 53.8 49.2 Capital expenditure commitments 11.8 17.7 9.7 Other guarantees and commitments 75.9 72.6 70.4 Assets pledged in Q3 2025 mainly included funds held at escrow, which were used in Q4 2025 to cover the minority squeeze-out liability. See more information in Ahlstrom’s consolidated financial statements for the year 2025, note 25. 27 INTERIM REPORT JANUARY-SEPTEMBER 2026
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13. Related party transactions See more information on Ahlstrom’s related parties and employee and management remuneration in the consolidated financial statements for the year 2025. The Group conducts transactions with related parties on an arm’s length basis. Related party transactions Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2026 2025 2025 Associated companies Net sales — 7.0 7.4 Other income 1.6 5.4 6.4 Cost of goods sold -4.3 -8.8 -11.3 Interest income 0.1 0.5 0.1 Trade and other receivables — 8.2 8.8 Loan receivables — 10.0 10.0 Trade and other payables — 6.0 10.9 Owners Sales, R&D and administrative expense -5.0 -4.8 -6.5 Trade and other payables 1.5 0.2 0.3 Parent companies Return on equity -25.5 -25.4 -33.8 On 29 May 2026, Ahlstrom disposed of its equity-accounted investment in Munksjö Paper Holding AB to A. Ahlstrom Industrial AB. The total consideration received amounted to EUR 4.6 million. In addition, Munksjö Paper Holding AB repaid a loan receivable of EUR 10.0 million to Ahlstrom. The resulting loss, EUR 8.9 million, on disposal was recognized in the consolidated statement of profit or loss, of which EUR 1.9 million was the reclassification of cumulative exchange differences from OCI. On 30 June 2026, Ahlstrom also partially disposed of its equity-accounted investment in Sydved AB to AMWOOD AB, reducing its ownership from 33.33% to 10%. The effect of this transaction on the consolidated statement of profit or loss and the consolidated statement of financial position was not material. Following the completion of these transactions, Ahlstrom no longer has associated companies. In 2025 Ahlstrom divested Abrasives Business to Munksjö Paper Holding AB which was an associated company of the Group. Please see Ahlstrom’s consolidated financial statements for the year 2025, note 21, for more information about the divestment. 28 INTERIM REPORT JANUARY-SEPTEMBER 2026
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APPENDIX 2: KEY FIGURES Certain of our key figures are not accounting measures defined or specified under IFRS and therefore are considered as alternative performance measures. We present these alternative performance measures as additional information to the financial measures presented in the consolidated financial statements prepared in accordance with IFRS. Certain of the adjustments and estimates underlying e.g. Adjusted EBITDA are forward-looking by nature and therefore subject to a number of assumptions about the timing, execution and costs associated with implementing the underlying initiatives. Such assumptions are inherently uncertain and are subject to significant business, economic and competition risk and uncertainties as further described under the heading "Forward-Looking Statements". We present alternative performance measures because we believe that they are helpful to investors as measures of our operating performance and ability to service our debt, and that they and similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. Alternative performance measures should not be viewed in isolation or as a substitute for revenue or net result for the period or any other performance or liquidity measures presented in our IFRS financial statements or any other generally accepted accounting principles or as a substitute to cash flows from operating, investing or financing activities. Companies do not calculate alternative performance measures in a uniform way, and therefore Ahlstrom’s alternative performance measures may not be comparable with similarly named measures presented by other companies. The alternative performance measures we present may also be defined differently than the corresponding terms under our debt financing arrangements. Some of the limitations of these alternative performance measures are that: • they do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; • they do not reflect changes in, or cash requirements for, our working capital needs; • they do not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments on our debt; • they do not reflect any cash income taxes that we may be required to pay; • they do not reflect the impact of earnings or charges resulting from certain matters we consider not to be indicative of our ongoing operations; • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and EBITDA-based measures do not reflect any cash requirements that would be required for such replacements; • they may include adjustments for non-cash items and not adjust for all items that impact cash flows; • some of the items that we eliminate in calculating certain EBITDA-based measures reflect cash payments that were made, or will in the future be made; and • other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. • Net indebtedness as presented in this report is not necessarily calculated in the same manner in which net indebtedness is calculated for the purposes of determining the “Fixed Charge Coverage Ratio,” the “Senior Secured Net Leverage Ratio,” the “Total Net Leverage Ratio” or any other metric in accordance with the finance documents governing the Group’s indebtedness. Alternative performance measures are unaudited. 29 INTERIM REPORT JANUARY-SEPTEMBER 2026
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KEY FIGURES Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4 EUR million, or as indicated 2026 2025 2026 2025 2025 Net sales 757.7 743.1 2,281.5 2,227.3 2,930.3 Operating result 1, 2 83.6 16.3 152.5 130.6 149.5 Operating result margin, % 1, 2 11.0 2.2 6.7 5.9 5.1 Net result 1, 2 19.7 -54.6 -31.1 -38.6 -101.9 EBITDA 2 134.0 123.9 324.5 330.6 402.1 EBITDA margin, % 2 17.7 16.7 14.2 14.8 13.7 Comparable EBITDA 142.2 139.6 403.1 369.8 473.0 Comparable EBITDA margin, % 18.8 18.8 17.7 16.6 16.1 Items affecting comparability in EBITDA and management fee 2 -8.2 -15.7 -78.5 -39.2 -70.9 Pro forma adjusted EBITDA (LTM) 3 597.8 583.6 597.8 583.6 600.7 Pro forma adjusted EBITDA margin (LTM), % 3 20.1 18.6 20.1 18.6 20.0 Comparable operating result 92.0 87.7 253.8 225.6 276.8 Comparable operating result margin, % 12.1 11.8 11.1 10.1 9.4 Items affecting comparability in Operating result 1, 2 -8.3 -71.4 -101.3 -95.0 -127.2 MOVC/ton, EUR 1,150.0 1,091.5 1,119.9 1,110.9 1,096.9 MOVC margin, % 45.2 44.0 44.9 43.5 43.5 Interest expense (LTM) -209.6 -161.7 -209.6 -161.7 -193.5 Free cash flow 113.0 104.4 342.9 301.4 361.0 Cash conversion, % 79.5 74.8 85.1 81.5 76.3 Employee benefit expenses -142.0 -141.0 -473.0 -438.8 -588.0 Depreciation and amortization -50.2 -51.9 -149.2 -144.2 -194.0 Impairment loss on tangible and intangible assets and goodwill 1 -0.1 -55.7 -22.8 -55.7 -58.5 Capital expenditure 40.0 50.0 104.0 113.7 172.4 Operating working capital 378.2 360.4 378.2 360.4 335.4 Ratio of Net indebtedness to adjusted EBITDA (LTM) 4.4 4.3 4.4 4.3 4.3 Ratio of Net senior secured indebtedness to adjusted EBITDA (LTM) 4.1 4.0 4.1 4.0 4.0 Ratio of adjusted EBITDA to interest expense 2.9 3.6 2.9 3.6 3.1 Net senior secured indebtedness 2,458.2 2,318.4 2,458.2 2,318.4 2,419.6 Net indebtedness 2,644.3 2,525.5 2,644.3 2,525.5 2,607.5 1 In Q1 2026, impairment losses of EUR 22.6 million were recognized in connection with the announced closure of the pulp mill and two paper machines in Mosinee and the closure of Radcliffe site. In Q3 2025, an impairment loss of EUR 55.7 million was recognized in connection with the classification of the Abrasives business as held for sale prior to the disposal in Q4 2025. 2 In Q1 2026, one-time items affecting comparability were EUR -54.9 million (-6.8) including the announced closure of the pulp mill and two paper machines in Mosinee, as well as the closure of the Radcliffe site. 3 The pro forma adjusted EBITDA (LTM) and net sales used for calculating the pro forma adjusted EBITDA margin (LTM )for Q3 2026 and Q4 2025 respectively include the unaudited comparable EBITDA of Stevens Point and EBF for the period prior to the acquisition and excluding the unaudited comparable EBITDA of the divested Abrasives business prior to the divestment. The pro forma adjusted EBITDA margin (LTM) for Q3 2026 is calculated on pro forma net sales of EUR 2,981.6 million (3,008.9). For Q3 2025, the pro forma adjusted EBITDA (LTM) and net sales included only the unaudited comparable EBITDA of Stevens Point for the period prior to the acquisition. The pro forma adjusted EBITDA margin (LTM) for Q3 2025 was calculated on pro forma net sales of EUR 3,143.0 million. 30 INTERIM REPORT JANUARY-SEPTEMBER 2026
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Reconciliation of certain key performance measures Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4 EUR million or as indicated 2026 2025 2026 2025 2025 Items affecting comparability Transaction costs 1 -2.9 -2.7 -6.5 -12.0 -24.1 Transformation/Integration costs -3.7 -1.5 -9.5 -6.0 -11.7 Restructuring and other legal costs 2 2.0 -2.3 -49.5 -6.0 -19.3 Other -1.8 -7.5 -7.9 -10.4 -9.3 Total items affecting comparability (IAC) in EBITDA -6.4 -14.0 -73.5 -34.4 -64.3 Management fee to owners -1.8 -1.7 -5.0 -4.8 -6.5 Total IAC in EBITDA and management fee -8.2 -15.7 -78.5 -39.2 -70.9 Impairment loss on tangible and intangible assets and goodwill 3 -0.1 -55.7 -22.8 -55.7 -56.4 Total IAC in Operating result -8.3 -71.4 -101.3 -95.0 -127.2 EBITDA and comparable EBITDA Operating result 83.6 16.3 152.5 130.6 149.5 Depreciation, amortization and impairment 50.3 107.6 172.1 199.9 252.6 EBITDA 134.0 123.9 324.5 330.6 402.1 Total IAC in EBITDA and management fee 8.2 15.7 78.5 39.2 70.9 Comparable EBITDA 142.2 139.6 403.1 369.8 473.0 Comparable operating result Operating result 83.6 16.3 152.5 130.6 149.5 Total IAC in Operating result 8.3 71.4 101.3 95.0 127.2 Comparable operating result 92.0 87.7 253.8 225.6 276.8 Free cash flow Comparable EBITDA 142.2 139.6 403.1 369.8 473.0 Maintenance capital expenditure -29.1 -35.2 -60.2 -68.4 -112.0 Free cash flow 113.0 104.4 342.9 301.4 361.0 1 In 2025, costs majorly relate to business acquisitions and disposals, refinancing activities, and costs associated with the redemption of non-controlling interests. 2 In Q1 2026, restructuring and legal costs totaling EUR 47.4 million were recognized as items affecting comparability. A significant portion of these costs relates to the announced closure of the pulp mill and two paper machines in Mosinee, as well as the closure of the Radcliffe site. 3 In Q1 2026, impairment losses of EUR 22.6 million were recognized in connection with the announced closure of the pulp mill and two paper machines in Mosinee and the closure of Radcliffe site. In Q3 2025, an impairment loss of EUR 55.7 million was recognized in connection with the classification of the Abrasives business as held for sale prior to the disposal in Q4 2025. 31 INTERIM REPORT JANUARY-SEPTEMBER 2026
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CALCULATION OF KEY FIGURES Operating result Net result before taxes, net financial items and share of result in equity- accounted investees Operating result shows result generated by the operating activities excluding items related to financing, result in equity-accounted investees and taxation.Operating result margin, % Operating result / net sales EBITDA Operating result before depreciation, amortization and impairment EBITDA indicates the profit generated from operations excluding items related to financing, taxation, depreciation and impairment. EBITDA margin, % EBITDA / net sales EBITDA margin reflects the profitability of operations. It indicates what portion of revenue translates into EBITDA. Comparable EBITDA EBITDA excluding items affecting comparability in EBITDA and management fee to owners Comparable EBITDA, comparable EBITDA margin, comparable operating result, and comparable operating result margin are presented in addition to EBITDA and operating result to reflect the underlying business performance and to enhance comparability from period to period. Ahlstrom believes that these comparable performance measures provide meaningful supplemental information by excluding items outside ordinary course of business, which reduce comparability between the periods. Comparable EBITDA margin, % Comparable EBITDA / net sales Comparable operating result Operating result excluding items affecting comparability in EBITDA, impairment loss on tangible and intangible assets and goodwill and management fee to owners Comparable operating result margin, % Comparable operating result / net sales Items affecting comparability in EBITDA Material items outside ordinary course of business, such as gains and losses on business disposals, direct transaction costs related to business acquisitions, costs for closure of business operations and restructurings including redundancy payments, one- off items arising from purchase price allocation such as inventory fair value adjustments, compensation related to environmental damages arising from unexpected or rare events and other items including fines (such as VAT tax audit fines) or other similar stipulated payments and litigations Management fee to owners Represents the fees paid to the owners pursuant to a management agreement whereby we have received general business consulting services; financial, managerial and operational advice; advisory and consulting services with respect to selection of advisors; advice in different fields; and financial and strategic planning and analysis Adjusted EBITDA (LTM) Represents comparable EBITDA as adjusted for certain additional cost savings programs Pro forma adjusted EBITDA (LTM) Represents comparable EBITDA, adjusted to include unaudited comparable EBITDA for certain acquisitions and disposals, and adjusted for certain cost-saving programs. Pro forma adjusted EBITDA margin (LTM), % Pro forma adjusted EBITDA / pro forma net sales Key figure Definitions Reason for use of the key figure 32 INTERIM REPORT JANUARY-SEPTEMBER 2026
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MOVC/ton, EUR Net sales minus variable costs of sales (excluding items affecting comparability) / sales tons MOVC margin, % Net sales minus variable costs of sales (excluding items affecting comparability) / net sales Interest expense (LTM) Interest expenses on borrowings and leasing liabilities, excluding amortization of loan transaction costs Net indebtedness Non-current and current borrowings and non-current and current lease liability less cash and cash equivalents Indebtedness related key figures are indicators to measure the total external debt financing of Ahlstrom. Net senior secured indebtedness Senior Secured Notes and Senior Secured Term Facilities net of cash and cash equivalents Ratio of Net indebtedness to adjusted EBITDA Net indebtedness / adjusted EBITDA Ratio of Net senior secured indebtedness to adjusted EBITDA Net senior secured indebtedness / adjusted EBITDA Ratio of adjusted EBITDA to interest expense Adjusted EBITDA (LTM) / interest expense (LTM) Capital expenditure Purchases for property, plant and equipment and intangible assets as presented in the cash flow statement Capital expenditure provides additional information of the cash flow needs of the operations. Operating working capital Inventories plus operative receivables before factoring less operating payables Free cash flow Comparable EBITDA minus maintenance capital expenditure Cash conversion Free cash flow divided by comparable EBITDA Key figure Definitions Reason for use of the key figure 33 INTERIM REPORT JANUARY-SEPTEMBER 2026